Citizens analyst Matthew Condon reiterated a Market Outperform rating and $800.00 price target on Spotify (NYSE: SPOT).

The analyst commented, "We maintain our Market Outperform rating and $800 price target. Spotify possesses immense structural advantages across its multi-vertical platform — spanning music, podcasts, video podcasts, and audiobooks — with 750M+ MAU and a vast proprietary listening dataset that enables increasingly differentiated, personalized experiences. This scale and breadth establish Spotify as the primary destination for discovery and monetization across the audio ecosystem, while positioning it as a net beneficiary of AI. Through years of product innovation, deep personalization, and ubiquitous distribution, Spotify has built a best-in-class, multi-format audio experience that supports compounding growth in engagement, revenue, and free cash flow. At 18.5x 2027E EBITDA, we view the risk/reward as compelling."

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Shares of Spotify closed at $483.17 yesterday.